FASHION icon Manolo Blahnik was paid £1.1 million last year by his luxury shoes and retail outfit, new accounts show.

Filings with Companies House also show that the designer is owed £814,042 in loans by his firm, Manolo Blahnik International.

The high-end shoes and handbags group is due to present its latest wares at London Fashion Week today.

The results for the 15-month period to December 31, 2012, also show that Blahnik's sister and fellow director Evangelina Hulsebus was paid £711,102 by the firm. Manolo Blahnik International declined to comment.

The BFC says that the fashion industry as a whole is worth £21 billion a year to the UK economy

London Fashion Week is expected to give the British economy a £100 million lift. It is estimated that millions of pounds worth of orders will be triggered by the event, which started on Friday and concludes on Tuesday.

The British Fashion Council (BFC) believes that tens of millions of pounds will also be pumped into the London economy by people spending money on hotels and flights to attend the event.

The BFC says that the fashion industry as a whole is worth £21 billion a year to the UK economy and £37 billion when its wider contribution is taken into account, including tourism.

It is estimated to support 816,000 jobs and is the largest employer of all the creative industries.